Tuesday, January 18, 2011

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Last decade of real estate investment industry

Come sono variati i valori real estate over the last decade in Italy

Closure of the first decade of the new millennium invites us to reflect on how he moved the cycle of the housing market and hence make predictions about what will happen in the next years.
"At the dawn of 2000, the Italian residential real estate market, in full health, was marked increases in average volume of trading houses of 8% per annum (1997-2000)," explains Alessandro Ghisolfi, head of studies UBH. "The sales prices, again expressed in pounds, had begun to show concrete signs of an increase only from the end of 1999. The force of impact of the changeover, was felt not so much in the year when there was conversion to the euro, the next two years.
A further boost to prices came abasement of the rates on mortgages and the increasing demand of those who until then had owned the house only required so that the prices reach their peak in late 2006. Since 2007, housing values \u200b\u200bhave grown considerably less, and all that has subsequently happened in the world has effectively blocked their growth and triggered a process of reduction is still in place today. "

UBH make a comparison between the average price of a home in January 2000 with the price of January 2010, the top 60 cities Italian for the number of residents. A comparison made on nominal prices (inflation included: the annual average for 2000 was 2.5% in 2009 to 0.7%), taking into account that the average cost of living from 2000 to 2009 was 2.15% (Istat). From this it follows that whereas the values \u200b\u200bin real terms the price changes are more than interesting.

In Milan, the first among the provincial capitals that have experienced the best real estate appreciation in its stock over the past ten years, prices have risen by almost 106%, despite a decline in sales. In Rome, the appreciation was 102%. Here are the other major city offices the north, except Florence (+96%), from Torino (+77%). Prior to Turin in the standings are all medium-sized cities. The message that emerges is clear: the rise in values \u200b\u200bhas had a much higher average size of urban reality. For example, Parma. Here prices have risen by 90% and 15% of trades than ten years ago, even though it is a market that has lost more than 30% of trade in the last two years. In the ranking of the least virtuous, however, there are two island communities such as Messina and Sassari and the remaining included Trieste, curiously all lie in the area between the Marches, Tuscany and Emilia.

The worst performance ever, was that of Messina, where values \u200b\u200bhave grown in ten years, only about 18.8%. The lack of dynamism in the market of Messina, caused mainly by the housing stock is obsolete and not quality, has done little in recent years moved the market both in terms of volumes than on values. UBH
addition, the information for the past decade show that the Italian growth in house prices has had two different speeds: better for the towns than in the past (with lyre) were not great record and performance, less speed, for those municipalities that had already largely in the previous boom market of the early '90s saw values \u200b\u200brise by double digits.

Fonti: Ubh, Il Sole 24 Ore

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